Is 630 a Good Credit Score?

By Kevin Brouillard

A 630 credit score isn’t good, but it isn’t bad either. According to the FICO® Score scale, it falls in the fair range.

Your three-digit credit score indicates your creditworthiness as a borrower, including how you’ve managed debt and bills in the past. While a 630 credit score is below the average U.S. credit score of 715, you can likely still qualify for a credit card and different types of loans, such as a mortgage or car loan. You may, however, pay higher interest rates than those with a higher credit score.

Here’s what you need to know about a 630 credit score, from what it means to the types of financing you can qualify for.

What Does a 630 Credit Score Mean?

A credit score is a three-digit number, ranging from 300 to 850, that demonstrates your ability to repay debt. On the FICO scale, which is the most widely used credit scoring model, a 630 credit score sits in the middle of the “fair” category.

The other popular scoring system, VantageScore®, also uses a scale of 300 to 850. The higher your credit score, the less risk you pose as a borrower in the eyes of lenders.

Here’s an overview of FICO score ranges for further context on how a 630 credit score stacks up.

•   Poor credit: 300-579

•   Fair credit: 580-669

•   Good credit: 670-739

•   Very good credit: 740-799

•   Exceptional or excellent credit: 800-850

Simply put, the answer to whether 630 is a good credit score is no. A 630 credit score sits in the middle of the fair range. Approximately 16% of Americans have a credit score with a “fair” rating.

If you’re curious about how FICO and VantageScore calculate your credit score, here are the five key factors that affect your credit score:

•   Payment history (35%): Whether your loan and credit payments have been made on time is the single biggest contributor to a credit score.

•   Amounts owed (30%): How much revolving credit you have available versus your credit limit, known as your credit utilization, can harm your score if it exceeds 30%.

•   Length of credit history (15%): How long you have maintained your accounts impacts your score, with longer usually being better.

•   New credit (10%): Too many applications for credit in a short period of time can negatively impact your score.

•   Credit mix (10%): The variety of credit types you have, such as revolving credit and installment loans, can contribute positively to your score.

Recommended: How Many Lines of Credit Should I Have?

What Else Can You Get with a 630 Credit Score?

Lenders may view a borrower with a 630 credit score as a risky candidate for certain loan products. To get approval, you may be charged a higher interest rate or otherwise be offered less favorable terms due to the perceived risk of lending to borrowers with a fair credit rating.

Read on for a closer look at what you might qualify for as a borrower with a 630 credit score.

Can I Get a Credit Card with a 630 Credit Score?

Borrowers with fair credit can qualify for some types of credit cards. But the best credit cards with more favorable terms and perks, including lower interest rates and credit card points, typically require a good credit rating or higher to qualify.

If a 630 credit score has kept you from obtaining a credit card, you may want to look into a secured credit card. These cards tend to have lower minimum credit scores requirements but require a refundable deposit as collateral. The credit limit on the card typically corresponds to the deposit amount. In other words, a $600 deposit would translate to a $600 credit limit.

A secured credit card can help build your credit score and may help you qualify for an unsecured credit card if managed well. To do so, it’s important to stay on top of monthly payments and maintain a credit utilization ratio of 30% or less.

Worth noting: If you are struggling with credit card debt and high credit utilization, you might consider such options as a balance transfer credit card (to give you relief from high interest rates and help you pay down the principal) or a credit card consolidation loan, which can allow you to make just one payment a month and may offer a lower interest rate.

Recommended: Breaking Down the Different Types of Credit Cards

Can I Get an Auto Loan with a 630 Credit Score?

With a 630 credit score, car loans are not out of the question. However, you can expect to pay higher interest rates than those with a good credit rating. The average interest rate for borrowers with a credit score of 601-660 was 9.73% for a new car and 14.07% for a used car in the third quarter of 2024, compared to 6.70% for those with credit scores between 661 and 780 for a new car, and 9.63% for a used car.

You may need to make a higher down payment to get a car loan with a 630 credit score. Having a vehicle to trade in at the dealer can also help reduce the loan amount and secure more favorable terms.

Can I Get a Mortgage with a 628 Credit Score?

Yes, you can likely get a mortgage with a 630 credit score. Here’s a look at several types of home mortgages you might qualify for.

•   Conventional mortgage: The minimum credit score for a conventional home loan is usually 620. This type of home loan is not backed by the government, and you’ll need to have enough funds to cover the down payment and closing costs.

•   FHA loan: A Federal Housing Administration (FHA) loan is meant for qualified first-time home buyers. Since these loans are insured by the federal government, you can qualify with a minimum credit score of 500. Borrowers with a credit score of at least 580 can get a FHA loan with just a 3.5% down payment; lower than that typically requires a 10% down payment.

•   USDA loan: Borrowers typically need a 640 credit score to automatically qualify for a USDA loan, which also requires purchasing a home in a designated rural area. However, lenders can consider other factors when evaluating your application.

•   VA loan: Service members, veterans, and qualifying surviving spouses may access a VA loan with a minimum credit score of 620, depending on the lender.

With a 630 credit score, you’re unlikely to qualify for a jumbo loan, which is typically for an amount higher than that of a conforming loan. You usually need a credit score of at least 700, plus a 10% down payment, to qualify for these larger, nonconforming home loans.

Can I Get a Personal Loan with a 630 Credit Score?

You can likely get a personal loan with a 630 credit score, but you probably won’t land a low interest rate. For a credit card consolidation loan to pay off high interest debt, you may need a higher credit score — 670 or above — to qualify.

As with any type of loan, you should compare rates from multiple lenders, including banks and online lenders, to find the best option before you apply for a personal loan. You might consider asking a family member or friend with stronger credit to cosign a personal loan to secure a better rate.

Recommended: Personal Loan Calculator

The Takeaway

To recap, a 630 credit score isn’t considered good, nor is it technically bad. It falls within the fair credit score range. Though you may qualify for credit cards and loans, you typically won’t get the most favorable terms. There are steps you can take to build your credit score and unlock more competitive rates, such as making on-time debt payments and keeping an eye on your credit utilization.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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